- 2-year Treasury yields +2.2 bps to 3.968%
- 5-year Treasury yields +1.6 bps to 3.709%
- 10-year Treasury yields +2.9 bps to 3.518%
- 30-year Treasury yields +3.8 bps to 3.543%
It looks like the rates market is still siding with a more hawkish Fed ahead of the main event tomorrow. Yields are continuing to push higher on the week with 2-year Treasury yields hitting 3.97% - its highest since November 2007. The dollar didn't take much cue from bonds yesterday but is looking steadier so far today with USD/JPY also up 0.3% to 143.65 at the moment.
The Fed remains the driving force for the next key move but with markets already inching towards 4% rates, it will take some added convincing from Powell & co. to drive another push higher surely - same might be said for the dollar as well.
